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  • Sun, May 14, 2017
  • How to Prepare to Sell Your Business

    When you're ready to sell your business, you need to take a few steps to ensure the process ahead goes as smoothly as possible. At Legacy Mergers & Acquisitions, we want you to know the right process to ensure a smooth transition. Here's what we recommend as you prepare to get your business ready to sell.

    Schedule a Consultation with a Certified Business Intermediary (CBI)

    You don't want to enter this process without the right guidance from the very beginning. Navigating a business sale is a complex process.  We understand the process ahead and are ready to guide you through it. Before you start the sales process, you want to meet with us to ensure you have the right professional at your side. At this meeting, we will review your goals and discuss a plan moving forward to assist you in achieving those goals.

    Get a Valuation

    Before you can sell your business, you need to understand its value. We will perform a comprehensive valuation, in order to determine a probable selling price of your business.  During this process, we uncover many opportunities for improvement, some of which can have a significant impact on value.  From here, we determine what actions can take place prior to the sale, and point out the remaining options to potential buyers, so they understand the improvement opportunities that exist.

    Clean up Your Records

    You also need to have a complete and well-presented business record, including asset lists, inventory, lease agreement, aging reports, income statements, balance sheets and similar forms and documents. Legacy Mergers & Acquisitions can help you create a complete list of records for potential buyers, which will help streamline the due diligence process.

    Stage Your Business

    Finally, if your business has a brick-and-mortar location, a serious buyer is going to want to see it. If your facilities have fallen into disrepair, this could cause the buyer to have a poor first impression. Your business needs to be clean and well organized. 

    Having a Certified Business Intermediary (CBI) on your side is very important.  Not only do businesses typically sell for higher prices when represented by a CBI, the process can be handled in a way that will maintain confidentiality.   Additionally, nearly 50% of all buyers are firs-time buyers, so having a CBI will help keep the transaction process moving forward, and the CBI will also assist the buyer along the way, avoiding many issues that arise that can typically kill a deal.   Legacy Mergers & Acquisitions is ready to assist you, ensuring you get a fair price and have a smooth transition as you sell your business.